2017 Q2 Form 10-Q Financial Statement
#000114420417027561 Filed on May 15, 2017
Income Statement
| Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
|---|---|---|---|
| Revenue | $16.14M | $13.56M | $11.26M |
| YoY Change | 17.87% | 20.43% | 103.26% |
| Cost Of Revenue | $13.32M | $11.46M | $9.385M |
| YoY Change | 15.98% | 22.11% | 103.4% |
| Gross Profit | $2.820M | $2.102M | $1.876M |
| YoY Change | 27.71% | 12.06% | 102.54% |
| Gross Profit Margin | 17.47% | 15.5% | 16.66% |
| Selling, General & Admin | $3.590M | $3.710M | $2.700M |
| YoY Change | -13.29% | 37.41% | 1.89% |
| % of Gross Profit | 127.3% | 176.5% | 143.94% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $573.0K | $33.20K | $888.1K |
| YoY Change | -32.15% | -96.26% | 102.41% |
| % of Gross Profit | 20.32% | 1.58% | 47.35% |
| Operating Expenses | $4.160M | $4.360M | $12.97M |
| YoY Change | -74.74% | -66.4% | 68.51% |
| Operating Profit | -$1.344M | -$2.258M | -$1.713M |
| YoY Change | -51.58% | 31.79% | -20.66% |
| Interest Expense | -$320.0K | $46.14K | $0.00 |
| YoY Change | -27.27% | -100.0% | |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$50.00K | -$10.00K | -$21.82K |
| YoY Change | 548.93% | -54.17% | -175.05% |
| Pretax Income | -$1.715M | -$2.540M | -$1.886M |
| YoY Change | -68.15% | 34.71% | -16.12% |
| Income Tax | $0.00 | $0.00 | $0.00 |
| % Of Pretax Income | |||
| Net Earnings | -$1.640M | -$2.538M | -$1.848M |
| YoY Change | -69.32% | 37.37% | -17.48% |
| Net Earnings / Revenue | -10.16% | -18.72% | -16.41% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$164.00 | -$249.00 | -$185.00 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 17.63M shares | 17.68M shares | 113.0M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $1.300M | $800.0K | $700.0K |
| YoY Change | 116.67% | 14.29% | -12.5% |
| Cash & Equivalents | $202.1K | ||
| Short-Term Investments | |||
| Other Short-Term Assets | $1.200M | $1.700M | $1.300M |
| YoY Change | 50.0% | 30.77% | 62.5% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $6.007M | $6.725M | $4.425M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $8.500M | $9.200M | $6.500M |
| YoY Change | 16.44% | 41.54% | 35.48% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $100.0K | $100.0K | $200.0K |
| YoY Change | -29.78% | -50.0% | 228.68% |
| Goodwill | $9.644M | ||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $400.0K | $500.0K | $389.7K |
| YoY Change | -27.71% | 28.31% | 73.05% |
| Total Long-Term Assets | $13.50M | $13.80M | $15.12M |
| YoY Change | -8.78% | -8.7% | 63.74% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $8.500M | $9.200M | $6.500M |
| Total Long-Term Assets | $13.50M | $13.80M | $15.12M |
| Total Assets | $22.00M | $23.00M | $21.62M |
| YoY Change | -0.45% | 6.4% | 54.08% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $7.500M | $8.300M | $5.100M |
| YoY Change | 23.45% | 62.75% | 50.05% |
| Accrued Expenses | $4.400M | $5.400M | $3.131M |
| YoY Change | 4.62% | 72.46% | 31.98% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $984.7K | $719.6K | $600.0K |
| YoY Change | 156.3% | 19.93% | -288.44% |
| Total Short-Term Liabilities | $13.70M | $15.70M | $10.59M |
| YoY Change | 21.24% | 48.27% | 59.18% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $6.254M | $3.844M | $3.500M |
| YoY Change | 63.54% | 9.83% | -4.02% |
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $6.254M | $3.844M | $3.500M |
| YoY Change | 63.54% | 9.83% | -4.02% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $13.70M | $15.70M | $10.59M |
| Total Long-Term Liabilities | $6.254M | $3.844M | $3.500M |
| Total Liabilities | $19.90M | $19.60M | $14.06M |
| YoY Change | 31.4% | 39.41% | 36.51% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$161.6M | -$145.8M | |
| YoY Change | |||
| Common Stock | $154.8M | ||
| YoY Change | 12.75% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $2.000M | $3.400M | $7.400M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $21.97M | $23.00M | $21.62M |
| YoY Change | -0.66% | 6.4% | 54.08% |
Cashflow Statement
| Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$1.640M | -$2.538M | -$1.848M |
| YoY Change | -69.32% | 37.37% | -17.48% |
| Depreciation, Depletion And Amortization | $573.0K | $33.20K | $888.1K |
| YoY Change | -32.15% | -96.26% | 102.41% |
| Cash From Operating Activities | -$1.740M | -$960.0K | -$950.0K |
| YoY Change | 234.62% | 1.05% | 458.82% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$355.00 | $0.00 | |
| YoY Change | -100.0% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$390.0K | -$400.0K | |
| YoY Change | -47.3% | ||
| Cash From Investing Activities | -$390.0K | -$400.0K | -$400.0K |
| YoY Change | -30.36% | 0.0% | 3900.0% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $1.437M | $0.00 | |
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 2.620M | 1.490M | 990.0K |
| YoY Change | 129.82% | 50.51% | 28.57% |
| NET CHANGE | |||
| Cash From Operating Activities | -1.740M | -960.0K | -950.0K |
| Cash From Investing Activities | -390.0K | -400.0K | -400.0K |
| Cash From Financing Activities | 2.620M | 1.490M | 990.0K |
| Net Change In Cash | 490.0K | 130.0K | -360.0K |
| YoY Change | 716.67% | -136.11% | -161.02% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$1.740M | -$960.0K | -$950.0K |
| Capital Expenditures | -$355.00 | $0.00 | |
| Free Cash Flow | -$959.6K | -$950.0K | |
| YoY Change | 1.02% | 437.18% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2016Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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Profit Loss
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General And Administrative Expense
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Depreciation And Amortization
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|
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Net Cash Provided By Used In Operating Activities Continuing Operations
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|
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Net Cash Provided By Used In Operating Activities Continuing Operations
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|
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Net Cash Provided By Used In Investing Activities Continuing Operations
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|
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Net Cash Provided By Used In Investing Activities Continuing Operations
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|
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Proceeds From Other Debt
ProceedsFromOtherDebt
|
75000 | USD |
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Proceeds From Other Debt
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|
92000 | USD |
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Repayments Of Other Debt
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|
0 | USD |
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Repayments Of Other Debt
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Net Cash Provided By Used In Financing Activities Continuing Operations
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Net Cash Provided By Used In Financing Activities Continuing Operations
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|
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Cash And Cash Equivalents Period Increase Decrease
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|
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Cash And Cash Equivalents Period Increase Decrease
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|
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Cash And Cash Equivalents At Carrying Value
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|
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Cash And Cash Equivalents At Carrying Value
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Interest Paid
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Interest Paid
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Income Taxes Paid
IncomeTaxesPaid
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Income Taxes Paid
IncomeTaxesPaid
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Proceeds From Repayments Of Related Party Debt
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Proceeds From Repayments Of Related Party Debt
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Increase Decrease In Accounts Payable And Accrued Liabilities
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|
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Net Income Loss Attributable To Noncontrolling Interest Including Foreign Curreny Adjustment
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|
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Share Based Compensation
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Deferred Revenue Period Increase Decrease
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|
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Cash Fdic Insured Amount Cash Noninterest Bearing Transaction Accounts
CashFdicInsuredAmountCashNoninterestBearingTransactionAccounts
|
250000 | USD |
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Cash Uninsured Amount
CashUninsuredAmount
|
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Cash Uninsured Amount
CashUninsuredAmount
|
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Allowance For Doubtful Accounts Receivable
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|
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Terminals Acquired Amount Net Held With Merchants
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|
367754 | USD |
| CY2016 | nete |
Terminals Acquired Amount Net
TerminalsAcquiredAmountNet
|
311206 | USD |
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Terminals Acquired Amount Net Held With Merchants
TerminalsAcquiredAmountNetHeldWithMerchants
|
308582 | USD |
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Terminals Amortization Amount Net
TerminalsAmortizationAmountNet
|
51542 | USD |
| CY2016Q1 | nete |
Terminals Amortization Amount Net
TerminalsAmortizationAmountNet
|
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Terminals Acquired Amount Net
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Accrued Sales Commission Current
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Accrued Sales Commission Current
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Deferred Sales Commission
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Deferred Sales Commission
DeferredSalesCommission
|
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Long Term Debt
LongTermDebt
|
4600000 | USD |
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Net Income Loss
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|
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Accounts Receivable Net Current
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Accounts Receivable Net Current
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Allowance For Doubtful Accounts Receivable Current
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603031 | USD |
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Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
500000 | USD |
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Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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|
270151 | USD |
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Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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|
236948 | USD |
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Property Plant And Equipment Gross
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Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
354243 | USD |
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Depreciation
Depreciation
|
33203 | USD |
| CY2016Q1 | us-gaap |
Depreciation
Depreciation
|
7560 | USD |
| CY2016 | us-gaap |
Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
|
1422592 | USD |
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Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
3256622 | USD |
| CY2017Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
572618 | USD |
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Accrued Professional Fees Current
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Accrued Bonuses Current
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Short Term Bank Loans And Notes Payable
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Short Term Bank Loans And Notes Payable
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Other Accrued Liabilities Current
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|
45152 | USD |
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Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
69783 | USD |
| CY2017Q1 | nete |
Accrued Foreign Taxes
AccruedForeignTaxes
|
135684 | USD |
| CY2016Q4 | nete |
Accrued Foreign Taxes
AccruedForeignTaxes
|
131810 | USD |
| CY2017Q1 | nete |
Accrued Pay Online Current
AccruedPayOnlineCurrent
|
3509256 | USD |
| CY2016Q4 | nete |
Accrued Pay Online Current
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Interest Payable Current
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148854 | USD |
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Interest Payable Current
InterestPayableCurrent
|
183778 | USD |
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Accrued Franchise Taxes
AccruedFranchiseTaxes
|
0 | USD |
| CY2016Q4 | nete |
Accrued Franchise Taxes
AccruedFranchiseTaxes
|
180000 | USD |
| CY2016Q4 | nete |
Accrued Pay Online Earnout Current
AccruedPayOnlineEarnoutCurrent
|
300000 | USD |
| CY2016 | nete |
Provision For Stock Price Guarantee
ProvisionForStockPriceGuarantee
|
2000000 | USD |
| CY2016Q4 | nete |
Accrued Pay Online Merchant Reserve Liabilities Current
AccruedPayOnlineMerchantReserveLiabilitiesCurrent
|
1400000 | USD |
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Long Term Debt Current
LongTermDebtCurrent
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Long Term Debt Current
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Long Term Debt Noncurrent
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Long Term Debt Noncurrent
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Long Term Debt Maturities Repayments Of Principal In Year Two
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|
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Long Term Debt Maturities Repayments Of Principal In Year Three
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Long Term Debt Maturities Repayments Of Principal In Year Four
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|
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Long Term Debt Maturities Repayments Of Principal In Year Five
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|
548277 | USD |
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Revenues
Revenues
|
13561941 | USD |
| CY2015Q2 | us-gaap |
Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
|
3600000 | USD |
| CY2016Q4 | nete |
Refundable Merchant Deposit Reserves
RefundableMerchantDepositReserves
|
1433475 | USD |
| CY2016 | nete |
Increase In Common Stock Shares Authorized
IncreaseInCommonStockSharesAuthorized
|
100000000 | shares |
| CY2015Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
300000000 | shares |
| CY2016Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
400000000 | shares |
| CY2017Q1 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
75.00 | |
| CY2017Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2017Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2017Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-03-31 | |
| CY2017Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | |
| CY2017Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2017Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
Net Element, Inc. | |
| CY2017Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001499961 | |
| CY2017Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
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Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | |
| CY2017Q1 | dei |
Trading Symbol
TradingSymbol
|
NETE | |
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Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
17629817 | shares |
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Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Use of Estimates</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the balance sheet date and the reported amounts of expenses for the period presented. Actual results could differ from those estimates. </font></div>   <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Significant estimates include (i) the valuation of acquired merchant portfolios, (ii) collectability of accounts receivable, (iii) the recoverability of indeterminate-lived assets, (iv) the remaining useful lives of long-lived assets, and (v) the sufficiency of merchant, aggregator, legal, and other reserves. On an ongoing basis, we evaluate the sufficiency and accuracy of our estimates. Actual results could differ from those estimates.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q1 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Reclassifications</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Certain reclassifications have been made to the comparative period amounts to conform to our current period presentation. These reclassifications had no impact on previously presented financial condition or results of operations.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2016Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2017Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
400000000 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
400000000 | shares |
| CY2017Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
17527466 | shares |
| CY2017Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
17527466 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
15353494 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
15353494 | shares |
| CY2017Q1 | us-gaap |
Property Plant And Equipment Depreciation Methods
PropertyPlantAndEquipmentDepreciationMethods
|
straight-line basis | |
| CY2017Q1 | nete |
Minimum Bid Price Closing Requirement Description
MinimumBidPriceClosingRequirementDescription
|
We are required to continually meet the listing requirements of The NASDAQ Capital Market (including a minimum bid price for our common stock of $1.00 per share) to maintain the listing of our common stock on The NASDAQ Capital Market. On November 14, 2016, the bid price of our common stock fell below $1.00 and stayed below $1.00 for 30 consecutive business days. On December 28, 2016, we received a letter from NASDAQ providing us 180 days (until June 26, 2017) to regain compliance. To regain compliance, our stock closing bid price must remain above $1.00 for 10 consecutive trading days. If we do not regain compliance with the minimum closing bid price requirement, the NASDAQ Capital Market will provide written notice that our securities are subject to delisting. At such time, we would be entitled to appeal the delisting determination to a NASDAQ Listing Qualifications Panel. We cannot provide any assurance that our stock price will recover within the permitted grace period. | |
| CY2017Q1 | us-gaap |
Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
|
449176 | USD |
| CY2017Q1 | nete |
Accrued Pay Online Earnout Current
AccruedPayOnlineEarnoutCurrent
|
300000 | USD |
| CY2017Q1 | nete |
Provision For Stock Price Guarantee
ProvisionForStockPriceGuarantee
|
1400000 | USD |
| CY2017Q1 | us-gaap |
Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
|
719564 | USD |
| CY2016Q1 | us-gaap |
Fees And Commissions
FeesAndCommissions
|
1897239 | USD |
| CY2017Q1 | us-gaap |
Revenue Other Financial Services
RevenueOtherFinancialServices
|
12729663 | USD |
| CY2017Q1 | nete |
Payonline Acquisition Agreement Description
PayonlineAcquisitionAgreementDescription
|
an aggregate of $2,288,667 plus 10% per annum interest accrued from May 20, 2016 in installments pursuant to the payment schedule set forth in the settlement agreement (also see Note 17). | |
| CY2017Q1 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
11459992 | USD |
| CY2017Q1 | us-gaap |
Gross Profit
GrossProfit
|
2101949 | USD |
| CY2017Q1 | nete |
Gross Profit Percentage
GrossProfitPercentage
|
0.15 | pure |
| CY2016Q1 | us-gaap |
Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
|
9385241 | USD |
| CY2016Q1 | us-gaap |
Gross Profit
GrossProfit
|
1875818 | USD |
| CY2016Q1 | nete |
Gross Profit Percentage
GrossProfitPercentage
|
0.17 | pure |
| CY2016Q1 | us-gaap |
Assets
Assets
|
21615756 | USD |
| CY2017Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
603031 | USD |
| CY2017Q1 | us-gaap |
Segment Reporting Disclosure Of Major Customers
SegmentReportingDisclosureOfMajorCustomers
|
In April 2013, we purchased 80% of Aptito, a cloud based Software-as-a-Service (SaaS) restaurant management solution | |
| CY2017Q1 | nete |
Gain Loss Due To Change In Fair Value And Settlement Of Beneficial Conversion Derivative
GainLossDueToChangeInFairValueAndSettlementOfBeneficialConversionDerivative
|
0 | USD |
| CY2016Q1 | nete |
Gain Loss Due To Change In Fair Value And Settlement Of Beneficial Conversion Derivative
GainLossDueToChangeInFairValueAndSettlementOfBeneficialConversionDerivative
|
0 | USD |
| CY2017Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
0 | USD |
| CY2016Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
0 | USD |
| CY2017Q1 | us-gaap |
Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
|
0 | USD |
| CY2016Q1 | us-gaap |
Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
|
0 | USD |
| CY2017Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
0 | USD |
| CY2016Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
0 | USD |
| CY2017Q1 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
0 | USD |
| CY2016Q1 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
0 | USD |
| CY2017Q1 | us-gaap |
Interest Expense
InterestExpense
|
46135 | USD |
| CY2016Q1 | us-gaap |
Interest Expense
InterestExpense
|
0 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
|
403585 | USD |
| CY2016Q1 | us-gaap |
Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
|
396819 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
-355 | USD |
| CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
0 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
1437132 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
0 | USD |
| CY2016Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
4600000 | USD |
| CY2017Q1 | nete |
Working Capital Deficit
WorkingCapitalDeficit
|
6400000 | USD |
| CY2016Q4 | nete |
Working Capital Deficit
WorkingCapitalDeficit
|
6300000 | USD |
| CY2017Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
603031 | USD |
| CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Next Rolling Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextRollingTwelveMonths
|
833865 | USD |
| CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Rolling Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearTwo
|
1111820 | USD |
| CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Rolling Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearThree
|
1111821 | USD |
| CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Rolling Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFour
|
408902 | USD |
| CY2017Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Rolling Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseRollingYearFive
|
0 | USD |
| CY2017Q1 | us-gaap |
Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
|
45591 | USD |
| CY2016 | us-gaap |
Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
|
102689 | USD |
| CY2017Q1 | us-gaap |
Fees And Commissions
FeesAndCommissions
|
832278 | USD |
| CY2016Q1 | us-gaap |
Revenues
Revenues
|
11261059 | USD |
| CY2016Q1 | us-gaap |
Revenue Other Financial Services
RevenueOtherFinancialServices
|
936382 | USD |
| CY2017Q1 | us-gaap |
Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
|
348083 | USD |
| CY2017Q1 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
3481 | USD |
| CY2017Q1 | us-gaap |
Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
|
0.12 | pure |
| CY2017Q1 | us-gaap |
Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
|
5000000 | USD |
| CY2017Q1 | us-gaap |
Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
|
348083 | USD |
| CY2016Q1 | us-gaap |
Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
|
0 | USD |
| CY2017Q1 | us-gaap |
Tax Credit Carryforward Limitations On Use
TaxCreditCarryforwardLimitationsOnUse
|
IRC Section 382 imposes limitations on a corporation’s ability to use its NOLs when it undergoes an “ownership change.” Generally, an ownership change occurs if one or more shareholders, each of whom owns 5% or more in value of a corporation’s stock, increase their percentage ownership, in the aggregate, by more than 50% over the lowest percentage of stock owned by such shareholders at any time during the preceding three-year period. Because on June 10, 2014, we underwent an ownership change as defined by IRC Section 382, the limitation applies to us. The losses generated prior to the ownership change date (pre-change losses) are subject to the Section 382 limitation. The pre-change losses may only become available to be utilized by us at the rate of $2.4 million per year. Any unused losses can be carried forward, subject to their original carry forward limitation periods. In the year 2017, approximately $2.4 million in the pre-change losses was released from the Section 382 loss limitation. We can still fully utilize the NOLs generated after the change of the ownership, which was approximately $12.5 million. Thus, we expect the total of approximately $16.6 million as of March 31, 2017 is available to offset future taxable income. | |
| CY2017Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
24400000 | USD |
| CY2015Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
5423880 | USD |
| CY2017Q1 | nete |
Provision For Stock Purchase Price Guarantee
ProvisionForStockPurchasePriceGuarantee
|
1800000 | USD |
